How did you get your idea or concept for your business?
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Best to begin your business small and then allow it to naturally grow over time, and ensure you're profitable and also enjoying your work. Be savvy with suppliers and be sure to check-in all goods carefully. Have tight controls and great policies in your business to help you protect your valuable inventory of goods (all types). For example, I would audit the store inventory on a regular basis and even more often on high value (or potential theft) items such as Cigarettes (packs) and Lottery Tickets.
Take good care of your employees and train them well. They are your front line to your ultimate customers. They can make or break you. Keep the morale high and incent workers where you can. Have regular meetings and call out folks who are doing an exemplary job.
Keep very good business records, bank your cash receipts twice daily (morning and on way home drop money bag into bank's drop box). Grow your business slowly, learn and adapt as needed.
Enjoy your "to be" business.
Some times you fall into a business given your skillset and opportunity and other times you find a need in the area for a service. For example, you may have a skill in cooking food and there are no restaurants that serve the food that you make. You may start small with a catering business and grow it from there building clients, good will and learning what the market wants.
Tony recommends the following next steps:
In Tampa, the businesses that sells skateboards usually sell for much higher than their actual worth. I saw a demand for cheaper skateboards so that's when it hit me. I have skateboarded since I was a child, so I figured I would start up my own skateboard company. Stick to something you love and you will always be able to find joy in it.
I`ll tell you one of my business. I have had several ones over the years.
The last one was an APP for oratory and coaching. At 2017 the beta version was ready at the end of that year.
And it was driven for services that combined coach with oratory (business communication).
But, I reinvented this app with another driver whit focus in finance.
As I retired myself at the end of 2018, I needed living from my earnings from public retirement.
So, I needed use the app for obtain the better interest taxes in order to financing an investment.
Then, I started helping several other people at the same situation to solve their sustainability finance problems.
This was the driver which lead me to reinvent the app, that now is called orattcoach finance.
The idea came first because it was my passion so It was something that I did as a hobby, later on as a consultant I Identified so many things that I can do better o I decided to start my own fitness studio for womens.
Deep knowledge and understanding of a subject combined with the right timing // opportunity can lead to very successful outcomes.
My advice: invest time // energy into the things you love doing and aim to become an expert in those fields. People pay a premium for expertise!
Great question! Usually, business ideas are solutions to problems. Therefore, whenever you run into an issue, whether it’s putting butter on bread or building cars, try to think of a solution to this problem. You are most likely not the only one with this issue which means that there’s a market for your product. Also, think about some of your passions (cooking, programming, etc.). Can you combine these passions to make a business?